17/10/2006
The name OFEX disappears on Monday, when the 11-year-old share trading facility will bear only the name PLUS.
Launched in 1995 by share trader John Jenkins as a market for young ventures and others for which the costs, rigours and regulation of more formal exchanges was inappropriate, OFEX is now operated by PLUS Markets, headed by former AIM boss Simon Brickles. The name PLUS has progressively replaced OFEX as the market has developed in new directions, and on October 23 it will be 'formally discontinued'.
Frequently used as a springboard to AIM, PLUS has admitted 45 new companies this year, more than for all 2005, taking the total it trades to 175 with eight currently in the pipeline. Alongside them, PLUS Markets provides an alternative trading platform for some 650 London Stock Exchange-quoted companies, in the FTSE Fledgling, Small Cap, Mid Cap and AIM markets. PLUS is applying to the Financial Services Authority for Recognised Investment Exchange status.
Last year, PLUS Markets raised £2.5 million at 5p on AIM through broker Numis. Having hit 38.75p in March, the shares now trade at 20.5p, down 0.25p this morning.
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